Equest Postpones Listing of Technomarket Domo Until September

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Equest Postpones Listing of Technomarket Domo Until September

Equest Investment Balkans (EIB) investment fund, which took over IT retailer Domo last year and Bulgarian-based Technomarket, has put off until September the flotation of 25% of the shares of the new Technomarket Domo (TMD) group, due to the declines experienced by the international stock exchanges and amid a low interest from investors, Ziarul Financiar reported.

Since the beginning of the year, the S&P 500 stock market index saw a 12.5-percent decline, while the Bucharest Stock Exchange posted losses in excess of 7 billion euros.

"Things were supposed to be launched a week ago, but the listing was put off until autumn because we ran the risk of a failure, amid an overall lack of interest from market investors. The listing will probably target 25% of the shares," said Lorand Szarvadi, Domo's CEO.

He did not wish to specify the sum they plan to attract from the capital market. The decline in the volume traded on the European capital markets and the low interest from investors, especially on the London Stock Exchange, has prompted the EIB management to postpone flotation, even though all formalities have already been taken care of, and changes have been made at management level.

The financial reports will be run through the new CFO of the group, based in Amsterdam. In the listing process, EIB has been assisted by the divisions of financial groups ING and Raiffeisen in charge of the capital market.

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